The proposed policy requires incorporating chronic and complex migraines as essential health conditions to the Texas Compassionate-Use Act so that low-THC cannabis prescriptions could be offered to patients based on the respective diagnosis and condition.
What Are the Costs and Benefits Associated with the Policy, from a Budgetary Perspective?
Implementing the policy in question will require taking several noticeable costs, which means that appropriate changes must be made to the state budget. Namely, the change will imply establishing cannabis disposal outlets across Texas so that patients in need for the specified medication could obtain the substance. Although Texas’ current budget is not quite large, the current forecasts regarding the expenses are believed to be reasonable given the existing financial assets (Congressional Budget Office, 2021). Therefore, payment for renting the premises and purchasing the necessary inventory will be included into the list of costs that will have to be taken in order to facilitate the change and implement the policy.
Additionally, salaries for staff members, namely, pharmacists and assistants, as well as nurses who will be involved in the management of patients’ needs, including patient education, must be incorporated into the list of costs. Currently, it is expected that at least 20 staff members will be needed for coordinating the performance of the cannabis dispensary outlets in question. Therefore, it is believed that, with at least five pharmacists (average monthly pay of $10,100), five assistants ($7,000 per month each), and 10 other staff members (approximately $5,000 each), the immediate costs associated with establishing the services will make at least $103,000.
According to Glassdoor, the specified salaries can be considered the median ones across the industry for the specified type of work (“Full time pharmacist salaries,” 2021). Finally, renting the premises will cost around $4,000 per month, which will amount to a total of $107,000-$110,000. The costs for the rent were calculated based on the average rent price in the U.S. found on LoopNet (“Medical offices for lease,” 2021).
Raising awareness among the target population regarding the new options for managing conditions that entail excruciatingly painful experiences will also cost a substantial amount of money. To ensure that a media campaign aimed at building awareness and educating the target population is conducted properly, one will need a budget of $5,000 to incorporate both traditional and digital media into the promotion campaign (The Commonwealth Fund, 2018). Thus, the project will gain the attention that it will need to attract target patients.
How Do Costs Compare to Benefits?
How Are Costs and Benefits Distributed (e.g., for Individuals, Businesses, Government)?
Although significant costs are expected to be taken in the process of implementing the policy in question, the benefits that are expected to be eventually obtained from the specified innovation are quite impressive. Specifically, it is believed that individuals will gain the opportunity to receive the treatment that is vital for their condition. As a result, the quality of their lives will increase, which is essential for patients suffering from excruciating pain. In addition, businesses will also profit from the introduction of the specified policy since the creation of cannabis dispensaries will require creating new supply chains, thus expanding the local business and boosting the economy upward (Phillips-Jackson et al., 2020). Finally, the government will also have a chance at implementing an important change in a healthcare context.
What Is the Timeline for Costs and Benefits?
The first stage of implementing the policy will require encouraging interdisciplinary collaboration between healthcare experts and policymakers to produce a reasonable regulation. The specified step will take approximately one-tenth of the total budget. Afterward, building the cannabis dispensaries will take most of the budget due to the costs associated with renting and purchasing the necessary items and medications. The third stage, which will take around 80% of the budget, will imply hiring experts, who will collaborate to provide customers with the required services (“Health and hospital expenditures,” 2021). Finally, the implementation stage will end by using social media to build awareness about the subject matter.
References
Congressional Budget Office. (2021). The budget and economic outlook: 2021 to 2031. Web.
Full time pharmacist salaries. (2021). Glassdoor. Web.
Health and hospital expenditures. (2021). Urban. Web.
Medical offices for lease. (2021). Loopnet. Web.
Phillips-Jackson, H., Hallam, C., Cullen, N., Pearson, T., Gilman, M., Li, L., & Musgrave, P. (2020). Budget impact analysis of the introduction of injectable prolonged-release buprenorphine on opioid use disorder care resource requirements. ClinicoEconomics and Outcomes Research: CEOR, 12, 233. Web.
The Commonwealth Fund. (2018). The budget deal moves health care forward, but misses insurance market stabilization and drug spending opportunities. Web.